Rand weakens on mixed data

The rand weakened before noon on Monday as mixed economic data weighed on the local currency.

“The rand was stronger this morning due to strong economic data from the US and China. But that turned around when China released its latest export data‚ which was weaker than expected‚ and this contributed to the rand weakening‚” Vunani Private Clients global market analyst Kuziva Muganiwa said.

Graphic: Renjith Krishnan.

At 11.34am‚ the rand was bid at R8.6882 to the US dollar from Friday’s close of R8.6708. The local currency was bid at R11.2148 to the euro from its previous close of R11.1804 and at R13.9320 against sterling from R13.8357 before.

The euro was bid at $1.2909 from Friday’s close of $1.2907.

“Economic and political issues from EU are posing fears for the rand - one of them being the Italian president wanting to resign‚” he said. - I-Net Bridge